车市科技 2024年度报告

Contents Corporate Information2Financial Highlights4Chairman’s Statement5Management Discussion and Analysis9Directors and Senior Management16Directors’ Report21Corporate Governance Report45Independent Auditor’s Report61Consolidated Statement of Profit or Loss67Consolidated Statement of Comprehensive Income68Consolidated Statement of Financial Position69Consolidated Statement of Changes in Equity71Consolidated Statement of Cash Flows73Notes to the Consolidated Financial Statements75Definitions168 Corporate Information AUDITOR DIRECTORS Executive Directors Ernst & Young(Registered Public Interest Entity Auditor)27/F, One Taikoo Place979 King’s Road, Quarry BayHong Kong Mr. Xu Chong ()(Chairman and chief executive officer)Mr. Liu Lei ()Mr. Lin Yuqi () HONG KONG LEGAL ADVISER Independent Non-executive Directors Tian Yuan Law Firm LLPSuites 3304-3309, 33/F, Jardine HouseOne Connaught Place, CentralHong Kong Mr. Xu Xiangyang ()Mr. Li Ming ()(retired with effect from March 26, 2024)Mr. Ng Jack Ho Wan ()Mr. Sun Yong ()(appointed with effect from March 26, 2024) REGISTERED OFFICE Sertus Chambers, Governors Square Suite 5-20423 Lime Tree Bay Avenue P.O. Box 2547Grand Cayman, KY1-1104Cayman Islands AUDIT COMMITTEE Mr. Ng Jack Ho Wan (alias Ng Jacky) ()(Chairman)Mr. Xu Xiangyang ()Mr. Li Ming ()(retired with effect from March 26, 2024)Mr. Sun Yong ()(appointed with effect from March 26, 2024) PLACE OF BUSINESS IN THE PRC Room 401, Block C, Shuguang TowerNo. 5 Jingshun Road, Chaoyang DistrictBeijing, China REMUNERATION COMMITTEE PRINCIPAL PLACE OF BUSINESSIN HONG KONG Mr. Xu Xiangyang ()(Chairman)Mr. Lin Yuqi ()Mr. Ng Jack Ho Wan (alias Ng Jacky) () 31/F, Tower Two, Times Square1 Matheson Street, Causeway BayHong Kong NOMINATION COMMITTEE Mr. Xu Chong ()(Chairman)Mr. Xu Xiangyang ()Mr. Li Ming ()(retired with effect from March 26, 2024)Mr. Sun Yong ()(appointed with effect from March 26, 2024) AUTHORISED REPRESENTATIVES Ms. Leung Shui Bing () (ACG, HKACG)Mr. Xu Chong () COMPANY SECRETARY Ms. Leung Shui Bing () (ACG, HKACG) CHESHI TECHNOLOGY INC.2 PRINCIPAL SHARE REGISTRAR Appleby Global Services (Cayman) Limited71 Fort Street PO Box 500, George TownGrand Cayman KY-1-1106Cayman Islands HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th Floor Hopewell Centre183 Queen’s Road East, WanchaiHong Kong PRINCIPAL BANKERS Bank of Communications, Beijing Sanyuan branchMCC Building28 Shuguangxili StreetChaoyang DistrictBeijing, China COMPANY WEBSITE www.cheshi.com STOCK CODE 1490 Financial Highlights Chairman’s Statement Dear Shareholders, Onbehalf of the Board,I am pleased to present the annual report of the Group for the Reporting Period to ourShareholders. MARKET OVERVIEW As the automobile industry benefits from continuous stimulus policies, both the macroeconomic environment and theautomobile industry have begun to experience a mild recovery. Concurrently, ongoing price wars have led to increasinglyintense competition within the industry. According to data from the China Association of Automobile Manufacturers, in2023, China’s production and sales of passenger vehicles reached 30.2 million units and 30.1 million units, respectively,marking year-over-year growth of 11.6% and 12%. China has maintained its position as the global leader in new energyvehicle sales for nine consecutive years. Driven by both policy and market forces, the new energy vehicle sector witnessedrapid growth in 2023, with production and sales totalling 9.6 million units and 9.5 million units, respectively, up 35.8%and 37.9% year-over-year. The market penetration rate of new energy vehicles reached 31.6%, which is 5.9 percentagepoints higher than the same period last year. Meanwhile, China’s automobile exports reached a new peak in 2023, withtotal exports of 4.91 million units, a 57.9% increase year-over-year, and exports accounted for 55.7% of the total growthin automobile sales. According to public data, China’s automobile advertising and information market increased from RMB49.9 billion in 2015to RMB74.8 billion in 2019, representing a CAGR of 10.7%, and is expected to increase from RMB56.8 billion in 2020 toRMB116.4 billion in 2025, representing a CAGR of 15.4%. In terms of penetration rate, the online automobile advertisingpenetration rate in China grew from 33.7% in 2015 to 45.6% in 2019. With the continuous enrichment of self-mediacontent and the development of AI technology, the offline marketing budget is expected to continue to be shifted online inthe future, and it is projected that the penetration rate of China’s online automobile advertising will reach 58.6% in 2025. GROUP OVERVIEW Founded in September 2015, the Group has developed into one of the leading automobile vertical media advertisingplatforms in China and is committed to provide its business partners and end users with comprehensive and high-qualityautomobile content and one-stop marketing soluti